question 5

Required information Problem 6-1A Perpetual: Alternative cost flows LO P1 [The following information applies to the questions displayed below) Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March Date Activities Units Acquired at Cost Units sold at Retail Mar. 1 Beginning inventory 60 units@ $50.20 per unit Mar. 5 Purchase 205 units@ $55.20 per unit Mar. 9 Sales 220 units @ $85.20 per unit Mar. 18 Purchase 65 units@ $60.20 per unit Mar. 25 Purchase 11e units @ $62.20 per unit Mar. 29 Sales 90 units e $95.20 per unit Totals 448 units 310 units Problem 6-1A Part 4 4. Compute gross profit earned by the company for each of the four costing methods for specific identification, the March 9 cale consisted of 45 units from beginning inventory and 175 units from the March 5 purchase the March 29 sale consisted of 25 units from the March 18 purchase and 65 units from the March 25 purchase (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.) FIFO LIFO Avg. Cost Spec.ID Gross Margin Sales Less: Cost of goods sold Gross profit